$BTC Open a New Path: $90,000 and Beyond!

Bitcoin is back in the spotlight, reclaiming its throne above $90,000! With a current price of $91,260.10, the king of cryptocurrencies is moving forward, boasting a market capitalization of $1.8 trillion. While the stock market trembles under the weight of economic uncertainty, Bitcoin stands firm, shining as a beacon of stability.

Fundamental Analysis:

The recent decoupling of Bitcoin from risk assets has left analysts excited. Let's dive into the fundamentals driving this increase:

- Network Activity: The number of unique addresses used on the Bitcoin blockchain, daily transactions, and hash rate (total computing power of Bitcoin miners) are key indicators of global adoption and demand for Bitcoin.

- Hash Rate: There is a strong positive correlation between Bitcoin's market capitalization and hash rate, with a correlation coefficient of 0.96. As the price of Bitcoin rises, mining becomes more profitable, attracting competition and raising the hash rate.

- Transactions: Confirmed transactions per day also show a strong linear relationship with Bitcoin's market capitalization.

Market Data:

- Current Price: $91,260.10

- Market Capitalization: $1.8 trillion

- Recent Gain: Over 3% in the last 24 hours, and over 6% in the last two days

- U.S. ETFs: $381.4 million in inflows on Monday, the largest daily fundraising since January 30

What’s Next?

As Bitcoin continues to show signs of resilience, analysts are keeping an eye on a breakout above the resistance level of $93,000. With its strong fundamentals and growing adoption, the future of Bitcoin looks promising.